ELAN vs TECX: Correlation
How closely do Elanco Animal Health Incorporated (ELAN) and Tectonic Therapeutic, Inc. (TECX) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELAN and TECX?
Across a 3-year window, the weekly returns of ELAN and TECX correlate at -0.26, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.12 versus -0.26 over 3 years. Stretching to 5 years gives -0.18, with an annualized covariance of -7329.6 %².
Out of 11 assets tracked against ELAN, TECX lands near the bottom at #9. On 12-month performance TECX holds a 5.8-point edge, +32.4% against +38.2%. Risk is not evenly split, since TECX carries 14.0 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ELAN vs TECX: side by side
| ELAN (Elanco Animal Health Incorporated) | TECX (Tectonic Therapeutic, Inc.) | |
|---|---|---|
| 1-year return | +32.4% | +38.2% |
| 5-year return | -26.8% | -52.9% |
| Volatility (ann.) | 44.8% | 628.0% |
| Beta vs S&P 500 | 1.18 | 0.20 |
| Max drawdown (3Y) | -56.1% | -92.8% |
| Market cap | $12.2B | $0.7B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELAN | TECX |
|---|---|---|
| 2022 | -56.9% | -81.6% |
| 2023 | +21.9% | +91.5% |
| 2024 | -18.7% | +182.9% |
| 2025 | +86.9% | -54.8% |
| 2026 | +8.2% | +75.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELAN and TECX good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ELAN and TECX?
As of 2026-08-27, the correlation of weekly returns between ELAN and TECX is -0.26 over 3 years, -0.12 over 1 year and -0.18 over 5 years.
Is TECX a good diversifier for ELAN?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Related comparisons
Hubs: ELAN correlations · TECX correlations
